Hello Everyone!!!
Before I explain about Fabric Token, it would be nice I will first about Blockchain Technology. Here's my exposure :
Blockchain technology and its newest development smart contracts promise a decentralized, non-mediated future, in which online relationships between people and businesses can be handled in a self executable, non debatable manner thus ensuring that agreements will not be breached, while also improving the efficiency and cost of current methods of transaction by eliminating central information processors and intermediaries. As a point of departure, in this paper we provide on an overview of both blockchain technology (1.1) and smart contracts (1.2).
We then proceed to assess the blockchain status quo in a variety of industries (1.3) and then go into section 2 an in depth exploration of the current challenges people and businesses face when developing smart contracts for their blockchain based applications (2.1, 2.2, and 2.3), concluding with an overview of current issues in both intra- and inter organizational business processes (2.4).
In section 3, we propose a solution to said challenges, namely the Fabric Token ecosystem, which will consist of TokenGen (3.1), DApp Workbench (3.2), and the Fabric Store (3.3), ending the section with a roadmap for the project (3.4). We then analyze the current competitive landscape of the Fabric Token ecosystem (4) and list the key team members of this project (5). Section 6 presents the Fabric Token launch, while section 7 explores legal considerations. Lastly, we summarize in section 8.
Overview
The story of the blockchain begins in early 2009, when Bitcoin was released. Satoshi Nakamoto (most likely a pseudonym) introduced an electronic payment system that relied on cryptography instead of trust and made it possible for any two willing parties to make a transaction that did not require any intermediaries. Bitcoin allowed users to interact using a digital currency, unbound by a central regulating body and without the need for a trusted third party, thus minimizing transaction fees and reducing processing time. In less than a decade, the technology underpinning Bitcoin the blockchain has become one of the most promising innovations since the advent of the Internet.
Essentially, the Bitcoin blockchain is a chronological record of all the transactions that have occurred within the system. It relies on the peers themselves to process the transactions and is fully accessible to everyone on the network. Every new operation is broadcast publicly and added to the existing record, thus making sure each participant has the exact same version of the blockchain at any given time. This mechanism secures the network in two ways. One is that newer blocks of transactions push the older ones deeper into the blockchain, which makes them practically impervious to modification, due to the amount of computational power required to perform such a task.
The other is that, since the blockchain is shared among all computers on the network and since there is no central governing entity, no single point of failure exists within the system, whereas current intermediaries who offer services, which could be potentially replaced by blockchain technology, have had their data breached on numerous occasions a costly issue since losses are projected to rise to 2.1 trillion USD per year globally by 2020.
What is Fabric Token ?
The Fabric Token (FT) ecosystem aims to empower individuals and businesses with easy access to blockchain technology and smart contracts by providing a bundle of user-friendly software. The products within the FT ecosystem will focus primarily on helping people of any background to create and deploy their decentralized application (DApp), without the specialized computer programming knowledge that they would usually need.
Problems
1. Accessibility & Financial Inefficiency in Blockchain Adoption & Smart Contracts
Blockchain technology and smart contracts are still mostly misunderstood and difficult to adopt.
Blockchain technology is still widely regarded as experimental by individuals and businesses alike, and many consider it synonymous with Bitcoin or Ethereum – just two of its most popular applications.
Furthermore, even those who decide to get involved with building blockchain-based applications (DApps) are faced with a lack of user-friendly software and tutorials in a niche where significant technological expertise is a must.
This forces businesses to seek the help of highly-paid specialists, which could prove unaffordable for startups and unprofitable for enterprises. As a result, the benefits of using DApps cannot justify the financial strain on the project, which hinders innovation in multiple industries.
Given that the competence required to transform application logic into smart contracts can often surpass current levels of qualification, expert intermediaries usually end up being a necessity, which erases one of the key benefits of using smart contracts in the first place.
2. The Technical & Financial Challenges of Developing Smart Contracts
Developing smart contracts, even with Solidity, presents an array of challenges, both financial and technical.
On the technical side, due to the fact that smart contracts aim to replace legal contracts with self-enactable computer code, they are difficult to comprehend for the lay person. With developers comprising only around 0.003% of the global population and since most of them still regard blockchain technology as experimental, there are only a handful of people who can develop, test, and deploy blockchain based applications properly.
Additionally, even IT specialists can overlook bugs in their code and, in the case of smart contracts, this has already led to hundreds of millions USD worth of losses in cryptocurrencies. This problem arises both from the fact that the Solidity programming language is still in its early stages and from the fact that, in order to write secure smart contracts, programmers need to be fully aware of the way blockchain technology works under the hood as well as what the common smart contract security considerations are.
Since smart contracts are immutable, the margin for error is practically non-existent. Simple mistakes in a deployed smart contract are likely to be exploited by malicious users who do not lack incentives considering the ever-increasing monetary value of cryptocurrencies.
3. The Current Challenges of Intra & Inter-Organizational Business Processes
Business process management, in its current state, has several flaws unnecessarily complicating the workflow.
The first and foremost problem is trust. When it comes to inter-organizational business processes, trust is deficient. Each organization keeps details only about the part of the process that concerns them, making it very difficult to track where a given problem comes from or verify that other parties comply to the process specification that they have agreed upon.
To solve this, businesses rely on intermediaries, who ensure trust and monitor the workflow execution. This, however, not only increases process times, but also costs.
To further complicate things, the standard way of business process management at the moment enterprise resource planning (ERP) systems can be very rigid and expensive to adjust to the ever changing requirements of businesses.
These are just a few examples of the way in which intra- and especially inter-organizational business processes are modeled, maintained and executed. They show that it needs significant revisions in order to be faster, more cost-effective, and, most importantly, trustworthy.
Solution
The solution to the problems listed above as well as the rest listed in the report is the Fabric Token ecosystem, which will consist of four main components the Fabric Token itself, TokenGen, DApp Workbench, and the Fabric Store.
1. Fabric Token
The payment utility within the FT ecosystem.
One of the fundamental parts of the FT ecosystem will be the Fabric Token itself. It will be used as a utility to pay for products and services within the platform.
For example, if someone wants to generate token and fundraiser smart contracts for their project, they will have to, in the end, pay a small fee in Fabric Tokens in order to get access to their code.
Additionally, the Fabric Token is going to be used as a digital asset which will be exchanged between third-party developers and users on the Fabric Store.
2. Fabric Store
A decentralized marketplace for smart contract components.
The Fabric Store will allow third party developers to earn tokens and build their reputation by complementing TokenGen and DApp Workbench with their custom-built software components. Strictly digital in nature, it will provide a lucrative opportunity for talented programmers, while helping the FT ecosystem expand and provide even more possibilities for businesses and individuals.
The marketplace will embrace the decentralized and immutable nature of the blockchain by storing its data on it, guaranteeing fair product reviews that cannot be tampered with, and protecting sellers from chargeback fraud, a common issue in traditional online stores.
3. TokenGen
A simple web application for smart contract generation.
TokenGen will allow users to generate smart contracts for their token and fundraiser by going through a simple step-by-step process selecting token and fundraiser functionality, filling out details such as token name and symbol, paying in FT, before finally getting the fully tested and secure smart contract code as specified by the user.
The smart contracts generated by TokenGen will be fully editable in case users need to add custom functionality. TokenGen also provides in-depth documentation on all smart contract templates, including a guide that comes with the code, making it easy, if needed, to edit something at a later point.
4. DApp Workbench
The business application platform for incorporating smart contracts and blockchain into BPM.
DApp Workbench will help organizations develop smart contracts through business process modeling. The application features a drag-and-drop interface, which will make use of the BPMN 2.0 standard, enabling the import and reuse of diagrams created using other BPMN-compatible tools.
A subset of the BPMN specification and pre-defined smart contract components will allow the creation of fully automated workflows for various blockchain technologies, including, but not limited to, Ethereum and Hyperledger Fabric. DApp Workbench will enable all the steps of development of automated business processes starting from design, compilation and testing through deployment, monitoring and decommission of workflows on the blockchain.
Token Sales Details
- Fabric Token Launch Start :February 15th, 2018 at exactly 10:00 UTC.
- Fabric Token Total Supply : 100 million.
- Fundraiser Cap : 80 million FT equaling roughly 9 million USD.
- Accepted Payment Form : Only Ethereum (ETH).
- Fabric Token Price : 0.000125 ETH per 1 FT.
- Fabric Token Exchange Rate : 8,000 FT per 1 ETH.
- Crowdsale Bonuses and Secondary Sales : There will be none of the above.
- Fabric Token Smart Contract Address : https://fabrictoken.io/ico/
- Fabric Token Launch End : Either 45 days after the launch or if the fundraiser cap is reached.
Token Distribution
- 71.25% will be available for sale to the general public.
- 12% will go to the Fabric Token core team and will be released after 12 months.
- 8.75% will go to the Fabric Token strategic advisors and will be locked until the end of the FT launch.
- 7% will be allocated to advisors and released after 6 months.
- 1% will be used for the bounty program.
Fund Allocations
- Product Development : 55% of the budget allocated to the core Fabric Token team. This financing will allow the development of the DApp Workbench product, including the necessary adjustments and improvements to the already existing TokenGen tool.
- Marketing: 14% of the budget allocated for expanding awareness and adoption of the Fabric Token ecosystem.
- Contractors: 11% of the budget allocated for third-party service providers offering engineering, marketing, growth hacking, PR, partnerships, and other necessary services.
- Legal: 9% of the budget allocated for legal costs.
- Contingency: 6% of the budget allocated for unforeseen costs.
- Administration: 5% of the budget allocated for security, accounting and other associated administration costs.
Participation
There are basically a few ways to go about it all will be listed below :
1. Using MyEtherWallet
Probably the most popular method for participating in an Ethereum based token launch is by using MyEtherWallet a free, open source interface, which allows people to generate Ethereum wallets and interact with the ETH blockchain :
In order to create a wallet you will need to enter a password for it. Make sure to remember and preferably write this one down, because there is no “forgot your password?” option in MyEtherWallet.
Once you have entered your password and created your new wallet, you will be asked to save your keystore file. Again, this data is very sensitive so make sure you do not lose it. Click the “Download Keystore File (UTC / JSON)” button and save the file somewhere secure on your computer. Next, click “I understand. Continue”.
The last thing you need to do in order to create your wallet is to save the private key of your brand new Ethereum wallet. Just like the password, there’s no way to recover this once you lose it. So, either write it down, or print it in order to make sure you don’t lose it.
On the next screen, you will be asked to unlock your wallet. As you can see, there are many ways of doing so (detailed guides can be found here), though the private key is the most straightforward route. Simply paste it in the text area and click “Unlock”.
And there you have it – you have full access to your Ethereum wallet. Now, in order to participate in the FT launch, you need to have some Ethereum in it. In order to get some, you can use one of the many cryptocurrency exchanges out there, such as Kraken, Coinbase, etc.
Some of them will allow you to trade fiat currency, such as EUR or USD, in order to purchase Ethereum or, if you already own cryptocurrencies such as Bitcoin, you can exchange them for ETH. An important thing to note here is that exchanges offer different exchange rates, so make sure to visit a few before deciding which one you should use.
Once you have purchased ETH, you can simply send it to your wallet at MyEtherWallet. Keep in mind that sending Ethereum from your exchange address directly to the FT smart contract address is not recommended as you might end up losing your tokens. That is why you need to send the Ethereum you purchased at the exchange to your wallet in MyEtherWallet first.
Next, all you need to do is wait for the Fabric Token smart contract address to be announced and for the FT launch to commence by following the Token Sale page. Once it starts, you need to go back to MyEtherWallet, click on the “Send Ether & Tokens” menu, and unlock your wallet :
Paste the FT smart contract address in the “To Address” field, type in the amount of ETH you would like to send, and set the “Gas Limit” to 210,000. Then simply click the “Generate Transaction” and “Send Transaction” buttons.
Finally, you need to add the Fabric Token smart contract address as a custom token to MyEtherWallet in order to see how many FT you own. You do that by going to the “View Wallet Info” page and then clicking on the “Add Custom Token” button in the “Token Balances” window on the right-hand side.
In the “Token Contract Address” field, enter the FT smart contract address. For “Token Symbol” enter “FT” and for “Decimals” enter 18. Then click “Save” and you are pretty much done. You should now be able to see how many FT you own in your wallet.
2. Using Mist Wallet
This way goes through Mist Wallet (found on the official Ethereum website), which is fully synced with the Ethereum blockchain at the time of the fundraiser’s start.
What you need to do is watch the countdown on the Token Sale page as well as save the Fabric Token smart contract address (also found on the same page) once it is announced, which will happen exactly 48 hours before the fundraiser starts.
You also need to make sure, right before the fundraiser begins, that your wallet is fully synced with the Ethereum blockchain, or you won’t be able to use it right away to purchase Fabric Tokens and may miss your chance to participate in the event as a whole.
Once the FT launch starts, all you need to do is go to your wallet and send ETH to the Fabric Token smart contract address. You will automatically receive the appropriate amount of FT according to the number of ETH you sent.
Finally, what you need to do is add the Fabric Token smart contract to the contracts you watch in your Mist wallet :
Simply enter the FT smart contract address in the first field (the rest of the inputs should be filled in automatically after that) and click “OK”. That’s it. You should now be able to see how much FT you own.
3. Using MetaMask
This method is more suitable for people who, for whatever reason, don’t have time to install Mist wallet (or any other ERC20-compatible wallet) and sync it with the Ethereum blockchain as it does take some time to do that.
Luckily, there are ways, in which you can participate in the FT launch without having a wallet fully synced with the ETH blockchain and one of them is by using the MetaMask Chrome extension. MetaMask (official website) allows people to run DApps straight in their browser without running a full Ethereum node locally.
Currently, MetaMask runs only on Google Chrome, but the project plans on expanding to “Firefox and beyond”. Once you install MetaMask and click on the extension button in Chrome, you will be greeted by the following window :
One important thing to note here is that, at the top left corner, you need to make sure that you are using the “Main Ethereum Network”, rather than a testnet or a custom RPC. Then, simply enter a password of your choice :
After that, you will see 12 words on the screen, which you can use to restore your MetaMask vault in case you forget your password. Make sure to save these somewhere secure. Once you have done that, click on the “I’VE COPIED IT SOMEWHERE SAFE” button and you will be logged into your MetaMask vault :
From this menu, once the FT launch begins, you can simply click on the “SEND” button, enter the Fabric Token smart contract address as the “Recipient Address”, enter the amount of ETH you would like to send, and click “NEXT”:
You will be asked to confirm the transaction and, once you’ve done so, you will automatically receive the appropriate number of Fabric Tokens in your address from MetaMask. For a video fully depicting the process, you can refer to the “HOW IT WORKS” section of the official MetaMask website.
Summary
In a nutshell, these are the three easiest ways in which you can participate in the Fabric Token launch. If you already have a wallet installed locally and it’s fully synced with the Ethereum blockchain, then perhaps the Mist wallet is what you want to use. However, if you have just found out about the FT launch, or you just don’t have a fully synced wallet at hand, then you should go with the MyEtherWallet or MetaMask approach, as both only takes a few minutes to set up, after which you will be ready to participate in the FT fundraiser.
Roadmap
1. September, 2017
Started Development on TokenGen
Currently the UI and beta functionality, featuring a total of 6 smart contract templates extending the basic token and fundraiser functionality, are both fully operational. The tool will be available to users as soon as the Fabric Token launch is finalized.
2. October, 2017
Started Development on DApp Workbench
Extensively tested and ultimately determined the software architecture, technology stack, supported blockchains, and modeling notation for the BPM.
3. February, 2018
TokenGen 1.0
Includes fully functioning web application for token and fundraiser smart contracts generation.
4. April, 2018
TokenGen 2.0
Additional smart contract templates added for both token and fundraiser functionality.
5. July, 2018
DApp Workbench Public Beta
Includes the fully functioning DApp Workbench desktop application as well as cloud with a limited set of smart contract components, which will be determined and publicized prior to the beta launch.
6. September, 2018
DApp Workbench 1.0
Extends the beta version of the software by significantly expanding the smart contract components provided by DApp Workbench.
7. October, 2018
Fabric Store Development Start
Initial code for the smart contracts of the project is written, optimized, tested, audited, and then deployed. Next, a UI to work with the smart contracts is developed.
8. December, 2018
Fabric Store Public Beta
Partly functional UI connected to the smart contracts of the Fabric Store is open to the public for testing purposes.
9. February, 2019
Fabric Store 1.0
The first fully operational decentralized marketplace for smart contract components is officially released thus allowing third party developers to further improve the performance of our vanilla projects and expand the adoption of the Fabric Token ecosystem.
10. 2019+
Further Improving The Fabric Token Ecosystem
Further improvements to the Fabric Token ecosystem mainly focused on expanding the functionality scope covered by the smart contract components making the products accessible to an ever-growing group of users and businesses.
The Team
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Nikolay Nikov
Vision, Strategy, Back-End Development, CEO
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From working on the largest fraud detection software in the UK and EMEA, to building the software security framework for a British Royal institution, Nikolay’s background in software development has helped him gather both technological expertise and a huge network.
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Marin Ivanov
Software & Smart Contract Development, DevOps, CTO
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With more than 10 years of experience in projects ranging from web development, system applications and low-level embedded programming, Marin knows the right tool for every trade. Combined with a career encompassing both his creative side and the disciplined approach to regulatory compliance, he is a CTO any project would love to have.
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Doncho Karaivanov
Marketing, Content, Design,
Front-End & Smart Contract Development, COO
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A successful entrepreneur in digital marketing at present, Doncho has a rich background in software development. Driven by his creativity and strive for perfection, he is the perfect fit for a technical team focused on innovation and user experience.
Advisors Team
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Dimitar Boyanov
Business & Legal Framework
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Dimitar Boyanov is a software engineer, having developed and managed the lifecycle of large-scale corporate applications in the financial sector compliant to regulatory and audit requirements on a national and international level while working for Deutsche Bank as a Senior Business Analyst. Currently he is involved in cloud based technologies and developing methodologies for adopting secure cloud based solutions.
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Krastyu Georgiev
Technical Consultant
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Krastyu has more than 20 years of professional experience in the architecture, design, implementation and maintenance of complex software systems for German, Swiss, Belgian and Bulgarian companies. Over the years he has played the roles of Enterprise Architect (e-Government), Technical Project Manager, Scrum Master, Software Solution Architect, and Java Enterprise Developer.
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Marian Nedelchev
Business Landscape Analysis & BPM Consulting
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A seasoned Business Analysis Professional and core team player in large and mid-sized IT projects within the financial and government sectors in Germany, UK and Bulgaria. Projects and products were financed by the World Bank, European Union funds and leading traditional and alternative investment companies.
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Milen Ivanov
Market Research & Project Economics
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With over 4 years experience in trading on the NYSE, Milen has comprehensive knowledge of markets and the way they fluctuate and react to certain external and internal conditions. Currently, he is actively and successfully involved in day trading at Alaric Securities one of the top trading companies in Bulgaria.
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Petya Valkova
Project Management Consultant
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With a broad experience in solutioning and delivering multi-technology projects in high-ranked companies, Petya’s fast paced analytical thinking and vast technology and business knowledge have helped her build a respectable track record of driving ambitious projects to success.
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Simeon Karaivanov
Content Editor
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Simeon has worked as a professional reader for more than 5 years and is now working as an acquisitions editor for one of the leading commercial publishing houses in Bulgaria Bard Publishers. Most of his professional experience has been focused on working on texts and improving them.
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